Jackson pays a $3,800 premium for high-deductible medical insurance for himself and his family. In addition, he contributes $3,400 to a Health Savings Account.

Which of the following statements is true?

If Jackson is self-employed, he may deduct $3,400 as a deduction for AGI and may include the $3,800 premium when calculating his itemized medical expense deduction.

If Boris is an employee, he may include $7,200 when calculating his itemized medical expense deduction.

If Jackson is an employee, he may deduct $7,200 as a deduction for AGI.

None of these answers are correct If Jackson is self-employed, he may deduct $7,200 as a deduction for AGI.

Answer rating: 100% (QA)

Answer OPTION C IS CORRECT If Jackson is selfemployed he may claim 3800 in dedu... View the full answer